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Waters

The firm sold three series of senior notes and will use proceeds to repay other outstanding debt.

Driven by strong pharma demand, the company posted first quarter revenues of $475.2 million, beating the average Wall Street estimate of $472.2 million.

The company said that it acquired Nottingham, UK-based Midland in order to lower its future manufacturing expenses and reduce risk to its supply chain.

Revenues were up to $587 million in the quarter, compared to $584 million in Q4 2014. Foreign currency effects reduced Q4 2015 revenues by around 5 percent.

The investment bank also initiated coverage of Agilent Technologies, Bruker, Illumina, PerkinElmer, and Waters with a Hold rating.

These designations mean the system can be sold in the US and Europe for use in laboratory-developed tests including, for instance, protein-based diagnostics.

The company posted revenues of $500.6 million, up from $493.2 million in Q3 2014. Currency effects contributed to a roughly 7 percent reduction in sales growth.

Overall, analyst Bryan Brokmeier said he is bullish on the space in spite of uncertainty in the general global markets.

The upgrade follows four consecutive quarters of above-industry-average revenue growth, driven by the biopharma end market, and the addition of a new CEO.

The company posted second quarter revenues of $494.7 million, up from $481.8 million in Q2 2014 and beating the average Wall Street estimate of $481.7 million.

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